Citigroup has let the Securities and Exchange Commission (SEC) know that it is not happy with the Nasdaq stock exchange's offer of $62m compensation for the Facebook IPOcalypse.
Citi went to town on how badly it thinks Nasdaq mishandled the first day of Facebook trading in a 17-page letter to SEC yesterday, published [PDF] by …

One man's ceiling

> Citi should be entitled to recover all of its losses attributable to Nasdaq's gross negligence

It's often said that every share transaction has a winner and a loser. Either the buyer paid too much, or the seller let it go too cheaply - there's no such thing as a "fair" trade. So on that premise, if Ctitgroup made a loss, it's reasonable to conclude that someone else gained from those faulty transactions.

Presumably NASDAQ is in a position to know who the other parties were in all the trades that Citigroup is wailing about. If they are therefore required to compensate Citigroup for their losses, shouldn't they have an equal case to recoup those "mistaken" profits from the other side?

Alternatively, if Citigroup feel so hard done by, by a few random glitches that could equally have worked in their favour, it may be that they're simply not cut out for the hurly-burly of the stock market.

Somewhat ironic

"Somewhat ironic?" Unbelievable chutzpah!

This.

Basically Citigroup is a laundromat for shifting taxpayer money (directly or via inflation) to vested interests. Win across the board, except for the proles.

"Stripped of its lofty promises, the Emergency Economic Stabilization Act of 2008 will not backstop your 401(k), encourage lenders to crawl out of their bunker, resuscitate an economy on life support, or turn a profit for the hapless taxpayer. Its primary mission in life is to rescue "the chosen ones" — Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, and JPMorgan Chase. The early returns are promising. On Thursday, September 18, the financial establishment was coming unhinged. By early afternoon, the combined market values of the five companies had shriveled to $360 billion. That night DC's power brokers — Paulson, Bernanke, Cox, Pelosi, Frank, et al. — concocted their shameless scheme. As of last Friday's close, the Chosen Ones tacked on $137 billion in market value for a 38% gain while the rest of the market, as measured by the Dow Jones Wilshire 5000 Index, lost $634 billion, or 5.6%." (http://mises.org/daily/3147/Looting-the-Responsible)

They whole upper porkrind should be airdropped over the Congo to fend for themselves. One AK and a diet sausage for each.